What’s the most popular industry for the younger generation of candidates? According to Gen Z, it’s getting a job in finance based on research conducted by the CFA Institute. According to the report, finance has grown in popularity, moving from the #5 position in 2021 to the top spot in 2023, beating healthcare and tech. The surge in popularity is a boon for finance recruitment professionals, but it also highlights new opportunities and challenges.
Perhaps two big market factors have contributed to finance claiming the number one spot:
Historically, finance has always been a popular choice for job hunters. While finance is not immune to market challenges, the perception of how the industry mitigated recent challenges is seen positively among Gen Z.
According to the CFA report, owners of finance recruitment now have a competitive edge when looking for new talent:
While finance has the edge with Gen Z compared to other industries, the competition between finance firms is high. CNBC reported that companies like JPMorgan Chase and Fidelity Investments are increasing their visibility with college students through more online job fairs and on-campus recruiting.
Handshake, a career site for college students, has reported increased job submissions for finance roles. For example, JP Morgan Chase received over 8,000 applications alone on Handshake from tech majors since the start of 2023, a 74% increase compared to 2022.
Who’s hiring, and for what roles?
Glider AI ran a query on LinkedIn jobs, looking at all the open positions across the largest financial institutions in the US. What does the data tell us?
Systemic L&D issues create a large skills gap. With so many open jobs, the LinkedIn data shows a significant need for highly skilled talent from tech to sales. While addressing the skills gap through hiring is one strategy, investment in learning and development needs to catch up with the evolving skills needs of the sector, according to research by UK finance.
Candidate fraud is still an issue. Many organizations saw an increase in candidate fraud with the onset of the pandemic and the growth of remote hiring. Naturally, hiring in finance requires a higher level of scrutiny. Working with Pontoon and Glider AI, a large multinational financial institution, prevented candidate by 77%.
The heightened popularity of a career in finance among Gen Z doesn’t make the job for recruiters focused on the finance industry any easier. The jobs data shows fierce competition for highly skilled candidates with high integrity only growing. So what are the successful finance firms doing?
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